EMKAY ON REC , PFC
REC : BUY , TARGET PRICE 650
PFC ; BUY , TARGET, 600
₹33 lakh crore planned for FY23-32 in Generation, Transmission, and Distribution ensures long-term growth and visibility.
Central Government reforms, reduced risks (PPA/FSA, project gestation), and diversification by PFC/REC boost confidence in asset quality and profitability.
Copied from stockaajorkal telegram channel
P/B ratios (1.5x for REC, 1.14x for PFC) are above historical medians but justified by growth and profitability prospects.
PFC/REC AUM to grow at 13%/18% CAGR in FY24-27E, with 19%/20% ROE, driven by strong credit demand and low credit costs.
REC : BUY , TARGET PRICE 650
PFC ; BUY , TARGET, 600
₹33 lakh crore planned for FY23-32 in Generation, Transmission, and Distribution ensures long-term growth and visibility.
Central Government reforms, reduced risks (PPA/FSA, project gestation), and diversification by PFC/REC boost confidence in asset quality and profitability.
Copied from stockaajorkal telegram channel
P/B ratios (1.5x for REC, 1.14x for PFC) are above historical medians but justified by growth and profitability prospects.
PFC/REC AUM to grow at 13%/18% CAGR in FY24-27E, with 19%/20% ROE, driven by strong credit demand and low credit costs.